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2007

A Look at the Washington Metro Area Apartment Market January 26, 2011. 2007. APARTMENT VACANCY RATES SELECT METRO AREAS YEAR-END 2010. Vacancy Rate (All Apartment Classes). Note: Mid-Year 2010 data except for Washington, Baltimore, and Philadelphia which are as of Year-End 2010.

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2007

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  1. A Look at the Washington Metro Area Apartment Market January 26, 2011 2007

  2. APARTMENT VACANCY RATESSELECT METRO AREAS YEAR-END 2010 Vacancy Rate (All Apartment Classes) Note: Mid-Year 2010 data except for Washington, Baltimore, and Philadelphia which are as of Year-End 2010. Source: MPF, Delta Associates; January 2011.

  3. CLASS A & B APARTMENT ANNUAL NET ABSORPTIONSELECT METRO AREAS 12 MONTHS ENDING DECEMBER 2010 12,529 Apartment Units Note: Mid-Year 2010 data except for Washington. Source: MPF, Delta Associates; January 2011.

  4. CLASS A & B APARTMENT ANNUAL NET ABSORPTIONWASHINGTON METRO AREA 2007 – 2010 Long Term Average Absorption= 5,339 Apartment Units Class A Class B 2007 2009 2008 2010 12 months ending Source: Delta Associates; January 2011.

  5. RISE IN RENTER HOUSEHOLDSWASHINGTON METRO AREA Washington Metro change = 450 Basis Point Increase % of Total Households U.S. change = 130 Basis Point Increase Source: Census Bureau, Delta Associates; January 2011.

  6. ABSORPTION PACE PER PROJECT PER MONTH WASHINGTON METRO AREA 2003 – 2010 Units per Month 28 28 17 19 30 46 37 31 Number of projects in initial lease-up Source: Delta Associates; January 2011.

  7. ANNUAL RENT GROWTH CLASS A APARTMENTSWASHINGTON METRO AREA 2005 – 2010 7.8% Long Term Average Rent Growth = 5.1% Growth in Face Rent Evaporation of Concessions Effective Rent Growth 2.0% 2005 2006 2007 2008 2009 2010* 2010* Washington Metro U.S. 1/ Source: Delta Associates; January 2011. 1/ Preliminary Est.

  8. CONCESSIONS FOR PROPERTIES IN LEASE-UP WASHINGTON METRO AREA 2003 –2010 Concession as a Percentage of Face Rent Source: Delta Associates; January 2011.

  9. 36 MONTH DEVELOPMENT PIPELINEWASHINGTON METRO AREA 2000 – 2010 Total: 23,880 Total: 36,291 Total: 16,606 Market Rate Units Planned & U/C Source: Delta Associates; January 2011.

  10. APARTMENT CONSTRUCTION STARTS WASHINGTON METRO AREA 2008 – 2010 Average Quarterly Starts Since 2000: 1,900 Apartment Units 2008 2010 2009 Source: Delta Associates; January 2011.

  11. 5.0% 4.2% 3.9% PROJECTED APARTMENT DEMAND & DELIVERIESWASHINGTON METRO AREA 36 MONTHS ENDING DECEMBER 2013 Demand = 6,000/Yr. = 18,000 Deliveries Class A Market Rate Units in Thousands Planned and may deliver by 12/2013: 13,735 units = U/C and not yet leasing: 6,474 units = District Sub. MD No. VA Delivered and leasing: 3,671 units = Estimated Stabilized Vacancy Rate at 12/2013: 4.1% Region-Wide Total = 23,880 units Source: Delta Associates; January 2011.

  12. CLASS A APARTMENT RENT GROWTH PER YEAR WASHINGTON METRO AREA 2000 – 2014 Long-Term Average = 5.1% Percent Effective Rent Growth Source: Delta Associates; January 2011.

  13. CLASS B APARTMENT RENTAL AND VACANCY RATESWASHINGTON METRO AREA 2001 – 2010 Average Effective Base Rent Stabilized Vacancy Rate Source: Delta Associates, January 2011.

  14. CLASS B APARTMENT VACANCY RATESWASHINGTON METRO AREA 2003 – 2010 Vacancy Rate Source: Delta Associates, January 2011.

  15. CLASS B APARTMENT ANNUAL RENT GROWTHWASHINGTON METRO AREA 2009 vs. 2010 Percent Effective Rent Growth Source: Delta Associates, January 2011.

  16. A Look at the Washington Metro Area Apartment Market January 26, 2011 2007

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